6. Booming
Lake View, Armour Square (Chinatown), West Town, Near North Side, Near South
Side, Loop
Defining Criteria: Vacancies decreasing, rental stock growing
Archetype: West Town
Outlier: Near South Side
Total Population: 292,992 (10.1% of city), grew 8.1%
Housing Stock: Multifamily, new homeowners and renters
Racial/Ethnicity : Primarily and increasingly White
Household Income: $49,108, increased 22.6%
Cluster Characteristics
The communities represented in the Booming cluster have seen tremendous population shifts as vacancies decrease,
prices rise, homeowner rates increase, and new rentals come on line. This cluster has experienced a high amount of new
construction--both rental and homeowner. Between 1990 and 2000 Booming added the most new housing units of all seven
categories. Much of the new construction is multi-family condominium with some rehab of rental stock targeted to higher
income brackets. The population in this cluster has undergone drastic change. Booming was the only cluster to show a
growth in the white population (all other clusters lost whites), while it lost a remarkable 24 percent of its Hispanic popula-
tion--16,568 residents. The number of poor households in this area has decreased, as has houshold size.
Population 2000 Race & % Change in Race and
Ethnicity Ethnicity Since 1990
Total Population 292,992
Other
% Foreign Born 17.8%
Average Household Size 1.9 Hispanic
White +18.0%
% of Residents in Poverty 15.6% African American -4.2%
% Change in Poverty -22.3% White Hispanic -23.5%
African
% Children with Lead Poisoning 7.4% American
Housing Market 2000 Total Housing % Change in Units
Units: 170,982 Since 1990
Vacancy Rate 5.1%
Rent Burdened (see reverse) 27.6%
Vacant
Housing Stock Built Since 1990 18,980 units
11.1% Total Units +9.3%
Overcrowding 5.0% Owner Units +52.8%
Owner Rental Units +4.1%
Number of New Construction Permits 4,798 Renter Overcrowded Units -4.1%
Demolition Permits 2,089
Abandoned Buildings 3,184
City Owned Vacant Properties 225
Real Change in Median Rent 25.7%
Number of Assisted Units At Risk 2,987
% of Housing in 10+ Unit Buildings 60.1%
Affordable Housing Fact Book Chicago Rehab Network
Affordability Factor
27.6% of Renters in Booming Cluster are Burdened by Rent
35.0%
30.0%
25.0% 11.2%
11.1% Rent burdened
20.0%
15.0% Extremely rent
10.0% burdened
19.6% 16.4%
5.0%
0.0%
City Booming
Key Affordable Housing Issues for Booming
Preservation of existing affordable housing
Creating affordable options through set-asides and zoning incentives
Right of first refusal for non-profit developers
Increased demand and supply have caused extremely tight markets and escalating prices in these
areas. Homeownership opportunities are soaring for upper-income brackets. The little affordable
housing that does exist is primarily non-profit owned and operated. Policies should create opportunities
for affordable homeownership, and include a right of first refusal for non-profit developers. Set-asides
and zoning incentives should create and preserve affordable rental housing.
Notes